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Medical-technology firm Coaxia Inc., which is developing a new treatment for stroke victims, has closed on $17.6 million in series B financing, the company will announce Wednesday.

The Maple Grove company will use the funding to further develop its NeuroFlo product and conduct clinical testing. The funding round was led by Prism Venture Partners of Westwood, Mass., Canaan Partners of San Jose, Calif. and Baird Venture Partners of Milwaukee, Wis.

Previous investors, including Affinity Capital of Minneapolis and Johnson & Johnson Development Corp., also participated.

As part of the financing, Gordie Nye, a general partner at Prism and Canaan Principal Brent Ahrens will join the company's board of directors.

Founded Denise Barbut, director of neurology at Cornell University Medical Center in New York, Coaxia has developed a product that uses a catheter system to treat strokes, which affect 600,000 Americans each year.

Such strokes can often cause death or disability, and drug treatments must be used quickly to reduce those risks. But it can only be used a small percentage of the time, because it must be used relatively soon after the stroke starts.

Coaxia's NeuroFlo works in part by controlling blood flow headed to the lower parts of the body, which directs more blood to the brain, helping offset damage from the stroke.

mreilly@bizjournals.com | (612) 288-2110

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